Lam Research, a semiconductor equipment vendor, reported better-than-expected earnings for its fiscal third quarter but provided a disappointing outlook for the current period, leading to a drop in LRCX stock during extended trading. For the quarter ended March 26, the California-based company earned an adjusted $6.99 per share on sales of $3.87 billion, surpassing FactSet analysts’ expectations of $6.52 per share on sales of $3.82 billion. However, Lam’s earnings were lower than the year-earlier period, in which it earned $7.40 per share on sales of $4.06 billion.
As of the regular trading session on Wednesday, LRCX stock is listed on the IBD Tech Leaders and IBD Big Cap 20 stock lists, with a best-possible IBD Composite Rating of 99, indicating its top 1% performance in the past 12 months. Further details on the earnings report are yet to be released.
